Balady 2023 profit up 19% to SAR 100.9M; Q4 at SAR 36.7M
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Balady Poultry Trading Co. reported a net profit of SAR 100.9 million in 2023, up 19% from SAR 85.1 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 641.28 | 757.72 | 18.2 % |
| Gross Income | 96.45 | 115.34 | 19.6 % |
| Operating Income | 76.20 | 91.80 | 20.5 % |
| Net Income | 85.10 | 100.91 | 18.6 % |
| Average Shares | 6.57 | 6.57 | - |
| EPS (Riyals) | 12.95 | 15.36 | 18.6 % |
The profit increase was driven by a rise in sales revenue to approximately SAR 757.7 million in 2023 compared to approximately SAR 641.2 million in 2022, an increase of 18.16% due to higher average daily production.
The average daily production in 2023 was 164,000 birds per day, while in 2022 it was 133,000 daily birds.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 362.68 | 413.16 | 13.9 % |
| Gross Income | 52.71 | 66.78 | 26.7 % |
| Operating Income | 42.17 | 54.95 | 30.3 % |
| Net Income | 48.85 | 60.64 | 24.1 % |
| Average Shares | 6.57 | 6.57 | - |
| EPS (Riyals) | 7.44 | 9.23 | 24.1 % |
The fourth-quarter net earnings almost doubled to SAR 36.7 million, compared to SAR 19.02 million a year before.
Compared with the previous quarter, Q4 net earnings leapt 53.4% from SAR 23.93 million.
Shareholders’ equity, with no minority interest, stood at SAR 210.2 billion at the end of 2023, from SAR 137.2 billion a year before.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2021 |
162.83 |
9.23 |
1.40 |
|
H2 2021 |
194.67 |
11.31 |
1.72 |
|
H1 2022 |
278.61 |
36.25 |
5.52 |
|
H2 2022 |
362.67 |
48.85 |
7.44 |
|
H1 2023 |
344.56 |
40.27 |
6.12 |
|
H2 2023 |
757.72 |
100.91 |
15.36 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 344.56 | 23.7 % | 48.56 | 11.0 % | 36.85 | 8.3 % |
| H2 2023 | 413.16 | 13.9 % | 66.78 | 26.7 % | 54.95 | 30.3 % |
| 2023 | 757.72 | 18.2 % | 115.34 | 19.6 % | 91.80 | 20.5 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 40.27 | 11.1 % | 6.13 | - | 40.27 | 6.13 |
| H2 2023 | 60.64 | 24.1 % | 9.23 | - | 60.64 | 9.23 |
| 2023 | 100.91 | 18.6 % | 15.36 | - | 100.91 | 15.36 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 14.32 % | 12.63 % | 12.60 % |
| H2 2023 | 15.22 % | 13.62 % | 13.32 % |
| 2023 | 15.22 % | 13.62 % | 13.32 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 6.57 | 13.56 | 13.56 | 26.01 |
| H2 2023 | 6.57 | 15.36 | 15.36 | 32.00 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | 9.88 | 9.88 | 5.15 |
| H2 2023 | 8.72 | 8.72 | 4.19 |
Business Segments (Million)
2023
| Period | Finish goods sales | Fodder sales | Chick sales (chicken chicks) |
|---|
| Current | |
| Market Cap (M Riyal) | 2,621.43 |
| Enterprise Value (EV) (M) | 2,530.62 |
| Shares Outstanding ((M)) | 6.57 |
| Book Value (BV) ( Riyal) | 32.00 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 25.98 |
| Price/book | 12.47 |
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